PayUbiz, a leading payment gateway solution provider used by over 80 out of the top 100 e-commerce companies in India, has launched ‘SplitSettle’, a first-of-its-kind payment settlement solution for online marketplaces. The new feature will allow marketplaces to disburse payments to multiple sellers by splitting a single transaction collected from a customer to settle all entities involved.

Aimed at helping marketplace businesses streamline the payment settlement process with sellers, the move heralds a paradigm shift in the way the payment settlement process between the seller and marketplace is currently approached in India. Also, it provides smart analytics to help marketplaces garner deep insights on the data.

Speaking on the launch, Mr. Rahul Kothari, Head of Business, PayUbiz, said, “The payments infrastructure currently being leveraged for settlements between marketplace and sellers in India is extremely disjointed and time-consuming. The ‘SplitSettle’ feature has been launched as a first-of-its-kind initiative to eliminate this particular gap. By streamlining and optimising the seller-marketplace settlement process, we are confident that we will add much value to the online businesses.”

PayUbiz’ ‘SplitSettle’ provides a centralized dashboard for online marketplaces to grant full control to process refunds and payouts. Moreover, the feature also provides sellers with the ability to easily track their transactions and settlements.Leveraging the cutting edge technology, PayUbiz’s ‘SplitSettle’ can be implemented across industries such as e-commerce, education, healthcare, food tech, real estate, fashion etc.